Q1. What do you mean by double entry system of accounting?
Q2. Illustrate how you will deal with the given matters in the accounts of Big Bang Limited for the year ended 31.03.2010: The company had spent Rs.50 lakh for publicity and research expenditures on one of its new consumer product which was marketed in the accounting year 2009-10 however proved to be a failure.
Q3. Illustrate the two non-depreciable assets.
Q4. describe the concept of Matching in the accounting.
Q5. What do you mean by compensating error?
Q6. Distinguish between the terms reserves and provisions.